Ethical Considerations in Business - Special Academic Support

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Ethical considerations play an important part in business relations, especially in companies that work in markets capable of affecting the environment. Social and environmental impact of a particular companys actions are crucial to take into account both in creating policy and directing action. The inability to take the proper steps towards regulating and enforcing corporate social responsibility can lead to disastrous consequences. One of the more famous and consequential examples of this is the BPs Deepwater Horizon oil spill. The event has had immense and immediately negative effects on marine life and the wellbeing of many individuals. It is evident that the management of the company during the event was incapable of accurately estimating the potential risks of drilling and protecting the oil rig in cases of accidents or malfunctions. One of the reasons for the error made by BP can be seen in Milton Freedmans philosophical outlook on corporate responsibility. His views outline that the only consideration a company should have is making profits, regardless of the effects it has on the world around it. This mindset has made BP incapable of planning for or taking into account the devastating environmental damages the company produces. The use of other theoretical and practical frameworks could have possibly prevented the occurrence of the oil spill and reduced its consequences significantly. For example, the use of the TBL approach would have allowed the organization to evaluate its practices on all 3 levels of influence, including financial, social and environmental impacts (Schütz). Such considerations would allow BP to more adequately protect its facilities from harming the world and its employees. Additionally the Corporate Social Responsibility (CSR) theory can be effective in this discussion as well. By understanding and taking into account the effects an organization has on the world around it, proper measures to mitigate the potential negative effects can be made.

Reference

Schütz, K. (n.d.). The triple bottom line as the answer to the primary responsibility of the manager. GRIN. Web.

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